MSLC vs USMV: Differences, Returns & Fees
MSLC and USMV hold 30% of their weight in the same names, and MSLC returned +14.3% over the year. Net assets: $4.0bn on May 31, 2026 for Morgan Stanley Pathway Large Cap Equity ETF, and $23.8bn on Oct 9, 2026 for iShares MSCI USA Min Vol Factor ETF.
USMV costs 0.24 points a year less; their one-year returns differ by 6.8 points; USMV is 8.5 times larger.
| MSLC | USMV | |
|---|---|---|
| Expense ratio | 0.39% | 0.15% |
| Net assets, as of Feb 28, 2025 | $2.8bn | $23.9bn |
| Total return, 1 year | +14.3% | +7.5% |
| What it tracks | No index, actively managed | MSCI USA Minimum Volatility (USD) Index |
| Holdings in common | 30% | |
| Top ten holdings, share of the fund | 34.8% | 15.1% |
Holdings in common uses holdings dated May 31, 2026 and Oct 9, 2026.
What they hold in common
By the books each fund has filed, MSLC and USMV hold 30% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Oct 9, 2026.
half
30% in common
On the same fields
MSLC and USMV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.
About MSLC
MSLC is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +14.3% with distributions reinvested. The prospectus expense ratio is 0.39% a year. By its holdings filed for May 31, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 1,007 positions, with the top ten at 34.8%.
About USMV
USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.1%.
Questions people ask
- Which returned more over the last year, MSLC or USMV?
- In the year to Oct 9, 2026, with distributions reinvested, MSLC returned +14.3% and USMV +7.5%.
- Which is cheaper, MSLC or USMV?
- USMV is cheaper, by 0.24 percentage points a year. That is about $24 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, MSLC against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/mslc-vs-usmv
ETFIQ. (Oct 9, 2026). MSLC against USMV. Retrieved from https://etfiq.com/compare/any/mslc-vs-usmv
[MSLC against USMV (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/any/mslc-vs-usmv)
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